Harmonic Inc. (HLIT) Rating Reiterated by Jefferies Group LLC
Harmonic Inc. (NASDAQ:HLIT)‘s stock had its “hold” rating reissued by equities research analysts at Jefferies Group LLC in a research note issued on Sunday. They currently have a $3.50 price target on the communications equipment provider’s stock. Jefferies Group LLC’s target price would suggest a potential upside of 20.69% from the company’s current price.
HLIT has been the topic of a number of other research reports. TheStreet downgraded Harmonic from a “c-” rating to a “d+” rating in a research report on Wednesday, August 9th. ValuEngine downgraded Harmonic from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Zacks Investment Research downgraded Harmonic from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 18th. Finally, BidaskClub downgraded Harmonic from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. Harmonic has an average rating of “Hold” and an average target price of $5.50.
Harmonic (NASDAQ:HLIT) opened at 2.90 on Friday. The stock’s market cap is $235.69 million. Harmonic has a 52-week low of $2.85 and a 52-week high of $6.18. The stock has a 50 day moving average price of $3.60 and a 200 day moving average price of $4.97.
Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. The company had revenue of $82.30 million for the quarter, compared to the consensus estimate of $80.88 million. The company’s revenue was down 24.9% on a year-over-year basis. Analysts expect that Harmonic will post ($0.42) EPS for the current fiscal year.
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In other Harmonic news, insider Patrick Harshman sold 7,979 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $3.47, for a total value of $27,687.13. Following the completion of the sale, the insider now directly owns 570,733 shares in the company, valued at $1,980,443.51. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 4.27% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in HLIT. Wellington Management Group LLP raised its stake in Harmonic by 118.7% in the first quarter. Wellington Management Group LLP now owns 3,742,068 shares of the communications equipment provider’s stock valued at $22,265,000 after buying an additional 2,031,135 shares during the last quarter. Netols Asset Management Inc. purchased a new stake in Harmonic in the first quarter valued at about $4,706,000. Russell Investments Group Ltd. raised its stake in Harmonic by 69.2% in the first quarter. Russell Investments Group Ltd. now owns 780,775 shares of the communications equipment provider’s stock valued at $4,645,000 after buying an additional 319,289 shares during the last quarter. Vanguard Group Inc. raised its stake in Harmonic by 3.6% in the second quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock valued at $30,470,000 after buying an additional 203,002 shares during the last quarter. Finally, State Street Corp raised its stake in Harmonic by 7.0% in the second quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock valued at $10,303,000 after buying an additional 129,086 shares during the last quarter. Institutional investors own 99.08% of the company’s stock.
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.
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